Proactive Investors - Run By Investors For Investors

AVZ Minerals to start drilling world-class lithium project in Africa

Potentially one of the largest hard rock sources of lithium in the world.
lithium on the elementary table
20,000 metres drilling in 3 months

AVZ Minerals Ltd (ASX:AVZ) has entered into a contract to complete an initial 20,000 metres of drilling at the Manono Lithium Project in the Democratic Republic of Congo.

The contract covers the initial 20,000 metre phase of a planned 40,000 metre drill program to define the resources at the Kitotolo and Manono Sectors of the Manono project.

The 20,000 metre program is expected to take 3 months to complete.

AVZ is planning to commence the drilling in December, and will initially target the Roche Dure pegmatite, Kitotolo Sector, where recent drilling returned the following results:

- 235 metres at 1.66% lithium oxide from 24.5 metres; and 
- 202.8 metres at 1.57% lithium oxide from 65.5 metres.

Significantly, the results from preliminary drilling indicate that the Manono pegmatites could potentially be one of the largest hard rock sources of lithium in the world.

AVZ’s share price has increased sixfold during the past six months, last trading at $0.207.

READ NEXT: AVZ Minerals shares hit record high on world-class lithium potential

The Roche Dure pegmatite holds potential for significant lithium and tin mineralisation given the expected thickness of up to 220 metres and a potential strike length of circa 2,100 metres.

Earlier in the month AVZ signed a memorandum of understanding with Shanghai Greatpower Industry Co., Ltd for potential investment in the company and off-take opportunities.

Greatpower is headquartered in Shanghai with operations in the Democratic Republic of Congo.

It is an integrated commodity group with a focus on sourcing and producing battery raw materials and products for the battery sector in China.

View full AVZ profile View Profile

AVZ Minerals Ltd Timeline

Related Articles

A map showing Comet's Springdale Graphite Project on WA's south coast
May 06 2019
New CEO Philippa Leggat joined the junior last week to explore the Esperance area project’s commercial potential.
queensland
May 09 2019
Gold explorer's next move is to carry out geophysical surveys at its main prospect
Brine pools
May 09 2019
The group has four divisions: mineral extraction, wastewater purification, energy storage and conventional mining

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use